Business
Summit State Bank Reports 29% Increase in Net Income to $3,796,000 for Third Quarter 2021 and Declaration of Dividend
SANTA ROSA, Calif., Oct. 27, 2021 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq: SSBI) today reported net income for the quarter ended September 30, 2021 of
About this update from Summit State Bank
[{"type":"text","content":"SANTA ROSA, Calif., Oct. 27, 2021 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq: SSBI) today reported net income for the quarter ended September 30, 2021 of $3,796,000 and diluted earnings per share of $0.63. This compares to net income of $2,954,000 and diluted earnings per share of $0.49 for the quarter ended September 30, 2020. Additionally, a quarterly dividend of $0.12 per share was declared for common shareholders. Dividend The Board of Directors declared a $0.12 per share quarterly dividend on October 26, 2021 to be paid on November 18, 2021 to shareholders of record on November 11, 2021. In September the Bank announced that its Board of Directors declared a 10% stock dividend to be paid on or about November 4, 2021 to shareholders of record as of the close of business on October 29, 2021. Each shareholder of the Bank will receive one additional share of stock for every ten shares owned on the record date of October 29, 2021. Cash will be paid in lieu of fractional shares based on the closing price of the common stock on the record date. These stock dividends will also receive a $0.12 per share quarterly dividend to shareholders of record on November 11, 2021 to be paid on November 18, 2021. Net Income and Results of Operations Net income increased $842,000 or 29% the third quarter of 2021 compared to third quarter of 2020. Net interest income increased to $9,585,000 in the third quarter of 2021 compared to $7,740,000 in the third quarter of 2020. “Last month the Bank announced that it will be issuing a 10% stock dividend to each shareholder of record as of the close of business on October 29, 2021,” said Brian Reed, President and CEO. “We are pleased to see that the Bank’s ongoing financial performance can deliver meaningful returns like this to our shareholders. We are optimistic about the Bank’s long-term outlook as we see many local businesses recovering from the impacts of COVID and we continue growing in our communities through strong banking relationships.” The net interest margin for the third quarter of 2021 was 4.31%, annualized return on average assets was 1.68% and annualized return on average equity was 18.54%. In the third quarter of 2020, net interest margin was 3.77%, annualized return on average assets was 1.41% and annualized return on average equity was 16.05%. The Bank is experiencing growth in its mar...